I currently own two rental units in an economically depressed area. The rents are about as high as the market will allow ($400/month), yet I'm barely making more than the cost of the mortgage ($700/month). The units are fully occupied and in decent shape...I actually enjoy the work so I have no plan to sell at this time.
I'm in a suburb of a northern "rust belt" city.... The area I live is losing population every year... there are no jobs here (besides retail sales jobs and government jobs)... taxes are ridiculously high... the climate is cold... houses are ridiculously cheap (I can buy a waterfront house with a boat dock for 170k; I can buy a single-unit fixer for 30k).
Now.... my question is this.... I enjoy buying houses, taking care of them, and collecting rent checks. I enjoy being a landlord. BUT, I'm wondering, is it smart for me to invest in another rental house in this market?
Thanks for any opinions.
